UK potash firm slashes costs of mining and fertilizer project

8:02 AM MST | December 5, 2012 | Ian Young

Sirius Minerals (London), a potash exploration and development company, says it has slashed the estimated initial cost of its previously announced York Potash mining project in the United Kingdom by $1 billion and brought forward the expected date of initial production at the mine. The company's revised estimates put the capital cost of the project's first phase at $1.7 billion, much lower than previous estimates of $2.7 billion. Meanwhile, production is targeted to start in the fourth quarter of 2016, ahead of the previously announced start-up date of early...